Top 14 Ideas for Adding Retail to a Yoga Studio
By: Adriana Elmes
ASHTANGASANA
TOP 14 IDEAS FOR
ADDING RETAIL to your Yoga Studio
by Adriana Elmes (Owner of Ashtangasana)
W
hen you go to the spa don’t you love to • What props do they use the most? bring home one of the products they used on you during your time there? When you 2. Have what they might forget get your haircut and you smell the products they Hasn’t everyone gone to yoga and forgotten used in your hair and you decide you must buy their water bottle? Make it easy on your cusa bottle? These are all ways we try to make the tomers and have the things they might foramazing experiences last a little longer. For the get, such as headbands, water bottles, sweat studio owner, selling products can build in extra mats and towels and mats. income and enhance the connection with clients, providing them with merchandise that connects 3. Brand as much as possible them to your studio’s community. People like to show off what they do. When Yoga Journal’s 2016 study reported that Americans spent roughly $16 Billion on yoga clothes, equipment, classes and accessories, in 2015. 70% of yogis purchased yoga clothing in the past 6 months. MindBody’s reports states that 1020% of all sales come from retail and can go as high at 50-70%. The yogi consumer is spending!
Top Tips and Strategies to Launching Retail in your Studio 1. First and foremost, you need to study your customers • What do they tend to wear? • What mats do they use? • What water bottles are popular in the studio? • What brand of sweat towels do they use? • Do they wear headbands?
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they feel good about your studio, what they are doing, they often like to show off what they are doing. People are happy to share and show off the places they like and enjoy. Put your logo on a few key pieces of products – clothing, water bottles, mats, etc.
register for classes or buy packages online, they are already coming to your website. You have a captive audience if they are regularly on your site. You can post promotions, sale items, deals on the homepage. 7. Be on Top of your Orders
4. Be Price Conscious
As the seasons change, so will your merchandise. Make sure you plan far enough in advance to place orders, receive orders and stock your retail space with new season appropriate merchandise.
Common rule of thumb is 2.1 to 2.3 mark-up. If you a buy a product at wholesale for $1.00, your markup will be $2.10 to $2.30. You also want to keep your price point below what they can buy elsewhere. If they can find the item at Lululemon for cheaper, you know you are priced too high. 5. Keep your Inventory Fresh and Start Small When starting off, chose 2-3 styles and colors. Do not have too many choices until you know your demand and sales cycle. Don’t load up on inventory before you know if it will sell.
Give a one to two month sell cycle. At that 8. Create and State a Return Policy. point discount the product to 50% to clear Make sure you have on the receipt or a sign inventory and make room for fresh product. display that states the return policy. Maybe At 50% discount, you will recoup your cost. you do not want legging returned as they If you can’t sell at 50% off, then donate the might try on without underwear, or tags need remaining merchandise and take the take to remain on the garment, or sale items are deduction. final. Decide what you are willing to take back and how long they have to return. Make the 6. Show off your Products Online policy clear and obvious. Expand your exposure and bring your products online. If your customers have been trained to
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9. Keep on Top of your Inventory
can put something on their account. People purchase more easily if they don’t have to “pay”, as it goes on an account they don’t see.
You need to stay on top of how your inventory is selling. Know what things sit and what things move. This will aid in your buying 13. Top Products to Have in Inventory to decisions. This will also keep you on top of your Support their Practice Inside/Outside the re-orders. There is often a delay in delivery so Studio. you don’t want to run out of a moving product Offering a nice Beginner Yoga Package, which due to lack of inventory. You will also be able to includes everything they need: mat, block, determine when you should discount product. strap, towel and water bottle to get started on 10. Know Trends their Yogic Journey. • • • • • • • • • •
If hemp mats are a thing, you better make sure you have hemp mats in stock. If mala beads are the trendy piece of jewelry all yogis are wearing, have a nice collection in stock. Review your yoga magazines or Instagram Yogi influencers. Yogis spend and like to buy what is trendy. 11. Create a Beautiful Space for your Products
Mats Blocks Straps Water Bottle Logo Clothing Incense Mala Beads Eye Pillows Essential Oils Popular Yoga Clothing
Draw immediate attention to the amazing products you have in stock. Make the displays stand out and show off. Have beautiful 14. Top Brands as per Yoga Journal’s 2016 displays, product which is reachable. Have the Research area of the retail set apart from the rest of the studio. You can have a big rug to delineate the • Gaiam space, different lighting or fixtures to showcase • Manduka the different products, or different color to the • Hugger Mugger walls. You need to draw attention to the area. • Jade Yoga • Lululemon 12. Have an Easy Way to Pay Customers love bringing a piece of their Yoga Make sure there is always someone at the experience home. It is a way to hold that front desk, which is most likely your Point feeling they obtained through practicing at of Sale. If a student wants to quickly grab your studio. Maybe it is the mala that they look something after class, yet a teacher isn’t at to remind them to breathe, maybe it is the there to take payment, they will more than essential oil that reminds them of savasana. Or likely leave without the merchandise. If you maybe it is just the “you have got me covered” have membership programs, you can easily feeling when you forget your water bottle. Not ask if they want to keep a card on file to use only does the consumer enjoy the products for purchases. People love the idea that they but your business can grow in income. by Adriana Elmes (Owner of Ashtangasana) “Supporting the business growth of Yoga Studios.”
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